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STX Corporation

South Korea

 

STX Corporation has an office in Tehran, according to the the website of its parent company, STX Group, (STX Group Website, accessed July 26, 2010).

Iran Gulf, an Iranian shipping company, lists STX subsidiary STX Pan Ocean as a client on its website (http://www.irangulf.com/clients.htm">Iran Gulf Website, accessed July 26, 2010).

Date: July 2009 – November 2009

Deal: In 2009, Asia Pulse reported that STX Corporation may join a consortium of Malaysian companies, Pertamina and Petro Field Malaysia, and the National Iranian Oil Refining & Distribution Company (NIORDC) to build a refinery in Indonesia (Asia Pulse, July 8, 2009).

STX left the project after the other companies rejected its request for a 40 percent stake and changes in the construction plans, according to Global Insight. (Global Insight, November 5, 2009).

U.S. Business Ties: According to its website, STX Pan Ocean has two offices in the United States, one in Portland, Oregon and the other in New Orleans, Louisiana, as well as a wholly-owned subsidiary in New Jersey, Panobulk America Inc. (STX Pan Ocean Website, accessed July 26, 2010).

In June 2009, STX Pan Ocean entered a joint venture with U.S. company Bunge North America and Japanese firm ITOCHU to build and operate an export grain terminal in Washington state, according to an industry publication (GrainNet, June 1, 2009).

According to a Department of Justice press release, in June 2009, STX plead guilty in U.S. District Court for an incident in which the crew of one of its ships, the M/V Ocean Jade, dumped oil waste directly into the ocean and then falsified the record books it showed Coast Guard officials in the Port of Tampa to verify compliance with U.S. environmental standards. The court fined it $2.2 millio and, required that the company implement a detailed environmental compliance plan (U.S. Department of Justice Press Release, June 5, 2009).

According to USASpending.gov, STX has not received any U.S. government contracts (USASpending.gov, accessed August 18, 2014).

Last Updated: August 19, 2014